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  3. the partnership of joe, al, and mike shares profit

The partnership of Joe, Al, and Mike shares profits and losses 60%, 30%, and 10%,...

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Accounting

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The partnership of Joe, Al, and Mike shares profits and losses 60%, 30%, and 10%, respectively. On January 1,2011, the partners voted to dissolve the partnership, at which time the assets, liabilities, and capital balances were as follows: 9. Liabilities and Capital Assets Cash Other Assets 400,000 Accounts Payable 1,200,000 Joe, Capital s 580,000 440,000 380,000 200,000 $1,600,000 Al, Capital Mike, Capital $1600,000 Total liabilities Total assets All of the partners are personally insolvent. Assume that all noncash assets are sold for $840,000 and all available cash is distributed in fin liquidation of the partnership. Cash should be distributed to the partners in what amounts

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